Being a small business owner isn’t the easiest thing to do. Being your own bookkeeper while running your own business can be next to impossible. There are several types of commonly overlooked business deductions.
Most business owners use their own car for business. When claiming the auto expense deduction you can either use the business portion of your actual expenses or track your business mileage and take the federal mileage allowance. The 2013 mileage allowance deduction is $.565 a mile. The 2014 mileage allowance deduction is $.56. I guess gas is cheaper in 2014 than it was in 2013.
Business meals are another commonly overlooked expense. It’s easy to remember the business deduction for meals with customers and meals incurred on on overnight business trip. What about the meals with potential clients and business associates. Don’t forget to count all of your business meals.
Newly purchased business assets are also a common business deduction. Business assets would include computer equipment, office equipment, leasehold improvements and intangible assets such as software and franchise fees. Some of the assets may qualify for an immediate expenditure known as a section 179 expense while the other would need to be depreciated or amortized over a several year period.
Call us at (760)471-2040 to discuss all of the business deductions that would apply to you.